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Note 6 - Leases | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | NOTE 6 - LEASES The Company leases certain vehicles, real property, production equipment, and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for production and office space in Hobro, Aarhus, and Copenhagen, Denmark. The lease agreements expire on November 30, 2034, August 31, 2024, and August 31, 2028, respectively. During the second quarter of 2022, the Company terminated the lease agreement for the office and production space in Taicang, China. During the year ended December 31, 2022, cash paid for amounts included for the measurement of operating lease liabilities was $906,373, and the Company recorded operating lease expenses included in operating expenses of $984,236. During the year ended December 31, 2022, cash paid for amounts included for the measurement of finance lease liabilities was $427,113, and the Company recorded finance lease expenses included in other income (expenses) of $323,081. Supplemental balance sheet information related to leases as of December 31, 2022 and 2021 was as follows:
|  | December 31, 2022 |  |  | December 31, 2021 |
Operating leases: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 3,271,997 |  |  | $ | 6,925,807 |
Operating lease liabilities – current |  | $ | 561,182 |  |  | $ | 846,544 |
Operating lease liabilities – long-term |  |  | 2,710,815 |  |  |  | 6,154,064 |
Total operating lease liabilities |  | $ | 3,271,997 |  |  | $ | 7,000,608 |
Finance leases: |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 3,877,955 |  |  | $ | 3,334,830 |
Accumulated depreciation |  |  | (544,653 | ) |  |  | (336,337 | )
Property and equipment, net |  | $ | 3,333,302 |  |  | $ | 2,998,494 |
Finance lease liabilities – current |  | $ | 399,198 |  |  | $ | 373,824 |
Finance lease liabilities – long-term |  |  | 2,384,011 |  |  |  | 2,499,591 |
Total finance lease liabilities |  | $ | 2,783,209 |  |  | $ | 2,873,415 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |
Operating leases |  |  | 9.6 |  |  |  | 8.9 |
Finance leases |  |  | 5.4 |  |  |  | 5.9 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.2 | % |  |  | 6.5 | %
Finance leases |  |  | 2.2 | % |  |  | 2.8 | %
Maturities of lease liabilities at December 31, 2022 were as follows:
|  | Operating lease |  |  | Finance lease |
2023 |  | $ | 745,898 |  |  | $ | 516,175 |
2024 |  |  | 604,324 |  |  |  | 517,076 |
2025 |  |  | 315,007 |  |  |  | 513,658 |
2026 |  |  | 304,595 |  |  |  | 478,441 |
2027 |  |  | 304,595 |  |  |  | 1,016,291 |
Thereafter |  |  | 2,056,019 |  |  |  | 190,659 |
Total payment under lease agreements |  |  | 4,330,439 |  |  |  | 3,232,300 |
Less imputed interest |  |  | (1,058,442 | ) |  |  | (449,091 | )
Total lease liability |  | $ | 3,271,997 |  |  | $ | 2,783,209 |

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